It is easy being a contrarian if you are fundamentally a cynical old curmudgeon. According to my world view, nothing really changes: Groundhog Day principles appear to stand the test of time, and markets are just like indulgent children, lunging between periods of manic depression and irrational exuberance.
Cynics are having a field day at the moment, as equity markets power ahead. Andrew Lapthorne, chief quant strategist at SocGen, observes “global equity markets are having their best start to the year since, well... err....
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